A warning from Barbados that existing hardships could worsen as tighter monetary policies in developed countries and the strengthening U.S. dollar are compounding existing economic and climate crises in the Americas.
According to Permanent Representative to the Organisation of American States, Ambassador Noel Lynch, countries in the Americas are currently trying to overcome three serious crises that threaten their wholesome and sustained development.
These include a cost of living crisis brought on by Russia’s invasion of Ukraine, developing country debt crises following the COVID-19 pandemic and climate disasters.
Ambassador Lynch, in his address to a Ministerial Meeting of the Summit Implementation Review Group of the OAS in Peru, told fellow diplomats one in five countries is experiencing fiscal and financial stress.
He shared with the OAS a three-step process proposed by Barbados to tackle these vexing challenges.
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